However the way to go nowadays is DSCR (debt service coverage ratio) where the rent may or may not cover the new PITIA payment on the rental.

I hate to call people out but the gentleman above refused to provide adequate insurance coverage and insisted on pounding on my processor until she broke down and cried one late afternoon. 

Having said that Minnesota does not have termites due to our weather so we don't do pest inspections, we don't require hurricane insurance, or earthquake coverage, but many but not all lake properties require flood insurance. 

I don’t know anything about running gas stations but if you do, I recommend getting extensive insurance coverage for environmental land contamination. 

I am quoting insurance companies and for liability coverage, I was wondering if the liability coverage should be approximately the same value of assets that are within the LLC (in this case, 1 house of $170K), or, should I have a much larger liability coverage ($500K-$1M)?

If someone uses AI to supplement original thought in an extremely valuable way… don’t report it and let’s thank them and learn from them. 

Now you will need dedicated leasing agents to supplement PM's because the # of doors this will take it's just not realistic to put it all on so few PM's, so we got at least 4 leasing agents. 

In fact, AirDNA is so accurate that many lenders will now accept a AirDNA estimate (for non-declining markets) as evidence of sufficient qualifying income on many DSCR (Debt Service Coverage Ratio) loans and mortgages.

Impact on Debt Service Coverage Ratio (DSCR): If rental income growth is restricted, it may be harder to meet DSCR requirements for refinancing or acquiring new loans.

It's called something else that I can't recall at the moment, but they'll know and be able to guide you in the right direction.Since there is a large amount of equity in the rental home, just be sure that your new HOI policy has good coverage and possibly think about an Umbrella Policy or additional insurance coverage to "protect you" vs. trying to reinvent the wheel and forming an LLC just for the one property.SD